MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
EKC INDUSTRIES |
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Registered Office : |
Plot No. M03130, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25th August 2002 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the manufacture
of high pressure gas cylinders. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EKC INDUSTRIES
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 25th August 2002
Trade Licence Number : 3130
Membership Number : 60388
Issued Capital : UAE Dh 800,424
Paid up Capital : UAE Dh 800,424
Total Workforce : 75
Line of Business : Manufacturers of high pressure gas cylinders.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EKC INDUSTRIES
ADDRESS
Registered & Physical Address
Location : Plot No. M03130
Street :
Area : Jebel Ali Free Zone
PO Box : 61041
Town :
Country :
Telephone : (971-4) 8832796
Facsimile : (971-4) 8832799
Email : ekc@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Pushkar
Khurana Indian General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 25th
August 2002
Legal Form :
Subject is the United Arab
Emirates registered branch of Everest Kanto Cylinder
Limited, a Limited Liability Company incorporated in
EKC Industries in the
Registered Corporation
with its registered office located at the following address :
Everest Kanto Cylinder Limited
501 Raheja Center
214 Nariman Point
Mumbai 400 021
Tel : (91-22) 22850777
Fax : (91-22) 22870720
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we strongly
advise that any international trade credit should
only be written under the name
of the main company where the subject holds its
registered office, in this case
Trade Licence No. : 3130
(Expires 24th August 2007)
Membership No. : 60388
Issued Capital : UAE Dh 800,424
Paid up Capital : UAE Dh 800,424
LINE OF BUSINESS
Operations : Engaged in the manufacture of high pressure
gas cylinders.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of 75 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 18,500,000 UAE Dh 22,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of
PO Box : 3162
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2002, subject is involved in the manufacture of high pressure gas cylinders.
Any credit amount
that is to be offered to this company should be written under the name of
“Everest Kanto Cylinder Limited” and directed to the companies head office
address in
Maximum suggested
credit figure: US$ 200,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)